Enable Raises $94M Series C for Its Rebate Management Solution
In any collaborative initiative, successfully cooperating with others makes a common goal much easier to attain. Often, businesses incentivize this kind of cooperation from their supply chain partners with rebates, or retrospective payments, that ultimately reduce the cost of services. While rebates help maintain loyal trading relationships, their complex management process can often break down those connections. Enable is working to rekindle trust with its automated solution.
The company secured a $94 million Series C round led by Insight Partners to further its tech. Enable’s rebate management platform provides a central place for trading partners to agree upon, execute and track all of their trading agreements. This latest round of funding brings Enable’s total venture capital to $156 million.
Between manufacturers, retailers and distributors, rebate programs are often a key part of their revenue streams, according to Andrew Butt, Enable’s CEO and co-founder. However, issues like data silos where businesses exclude other parties from their critical data can often result in disputes. This lack of transparency can also eat away at trust and erode the relationships that keep their supply chain functioning.
“Consolidation is hindering the trust and loyalty built between trading partners over many decades, as it forces decisions to a more abstract, corporate level,” Butt told Built In via email. “We help to restore that trust, and we help ensure the vibrancy of the supply chain by helping trading partners work better together, both from goal alignment and tracking transparency standpoints, but also from ensuring that everything that is due to each partner is paid and collected.”
Enable has seen increased growth for its platform during recent economic shifts and rising consumer expectations since complicated supply chains can put a business’ end service in jeopardy, Butt said.
The company is on track to more than double its revenue by the end of the year. To keep up this momentum, Enable is expanding its product suite with its latest round of funding.
In addition to its solution that keeps track of trading agreements and rebate data, Enable is adding tools for promotions and special pricing agreements to help align trading partners across a variety of goals and incentives. Most recently, the company launched its executive dashboard product to provide C-suite-level organization members with data to help fuel decision-making.
Enable is furthering its recent growth by building out its team as well. At the start of this year, Enable’s headcount sat at 212 employees, according to Butt, and that number has since grown to more than 400. By the year’s end, the company plans to have 435 staff members across the U.S., the U.K., Canada and Australia. It’s actively hiring for several San Francisco-based positions spanning people, customer success and revenue.